Quote:
Originally Posted by retiredguy123
Huh? The way I understand the rule, you must take the RMD in the year that you turn 72. So, if you turn 72 in 2021, you must take the RMD starting in 2021, and every year thereafter. It doesn't matter when you take it during year, it is taxable income for the 2021 tax year. The RMD was waived for 2020 because of COVID.
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This from the IRS website:
Beginning date for your first required minimum distribution
IRAs (including SEPs and SIMPLE IRAs)
April 1 of the year following the calendar year in which you reach age 70½, if you were born before July 1, 1949.
April 1 of the year following the calendar year in which you reach age 72, if you were born after Jun 30, 1949.